FBN Holdings’ subsidiary, FBN Life Assurance, has acquired a stake in Oasis Insurance, a general insurance company in Nigeria.

As per the terms of the transaction, FBN has acquired 71.2% of the total issued ordinary share capital of Oasis Insurance, following a share sale and purchase agreement with the majority shareholders of the latter.

According to FBN Life, the latest acquisition will help the company diversify into general insurance service offerings, as it plans to complement its current life assurance operations with a variety of general insurance products.

Oasis Insurance focuses on non-life insurance business, including fire, general accident, motor, marine, aviation, oil and gas, bond and engineering all- risk policies. It currently operates 13 branches across Nigeria.

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